The existence of multinational firms and the rise of global value chains raise the question how international trade contributes to a country's income. Ownership relations between, for example, headquarters and subsidiaries result in international income transfers. These transfers are ignored in standard trade data. Taking them into account in a global input-output analysis allows us to assess how much income is generated in one country due to the consumption of final products in another country. This provides a new perspective compared to the concept of value-added exports introduced by Johnson and Noguera (2012). For the US, we find that the income generated by foreign consumption is 51% higher than the value added in the US that is generated by foreign consumption. Similar findings hold for other countries as well, but to a lesser extent. The implication is that the current account deficit of the US almost disappears from the income perspective.

跨国公司的存在和全球价值链的兴起提出了国际贸易如何为一个国家的收入做出贡献的问题。例如，总部和子公司之间的所有权关系会导致国际收入转移。这些转移在标准贸易数据中被忽略。在全球投入产出分析中将它们考虑在内，使我们能够评估由于在另一个国家消费最终产品而在一个国家产生的收入。与 Johnson 和 Noguera（2012 年）引入的增值出口概念相比，这提供了一个新的视角。对于美国，我们发现外国消费产生的收入比外国消费在美国产生的增加值高 51%。类似的发现也适用于其他国家，但程度较轻。